cancel
Showing results for 
Search instead for 
Did you mean: 
Veteran Contributor

Floor Talk October 31

At the close:

At the close, the December corn futures settled 1/4¢ lower at $3.54 3/4, while March futures finished 1/2¢ lower at $3.62 3/4 per bushel. November soybean futures closed 1¢ higher at $10.02 1/4, while January soybean futures finished 1/4¢ lower at $10.11 3/4. December wheat futures finished 7 3/4¢ higher at $4.16 1/4. December soy meal futures closed $1.40 short ton lower at $316.10. December soy oil futures closed $0.24 lower at 35.17¢ per pound.  In the outside markets, the Brent crude oil market is $1.84 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points lower.

 

Mike

---------

At mid-session:

At-mid-session, the December corn futures are 2¢ higher at $3.57, while March futures are 1 3/4¢ higher at $3.65 per bushel. November soybean futures are 4 1/4¢ higher at $10.05, while January soybean futures are 3 1/4¢ higher at $10.15. December wheat futures are 5 3/4¢ higher at $4.14. December soy meal futures are $1.10 short ton lower at $316.40. December soy oil futures are $0.02 lower at 35.39¢ per pound.  In the outside markets, the Brent crude oil market is $0.01 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points higher.

 

Mike

----------

At 8:45:

In early trading, the December corn futures are 1/2¢ lower at $3.54, while March futures are 3/4¢ lower at $3.62 per bushel. November soybean futures are 1/4¢ higher at $10.01, while January soybean futures are 1/2¢ lower at $10.11. December wheat futures are 4 1/2¢ higher at $4.13. December soy meal futures are $0.60 short ton lower at $316.90. December soy oil futures are $0.17 lower at 35.24¢ per pound.  In the outside markets, the Brent crude oil market is $0.64 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points higher.

 

 

Mike

-----------

Happy halloween. Grains and beans were eerily mixed in overnight trading amid a battle of strong demand vs. harvest pressure. Corn was frightened lower by just over a penny while beans were hardly changed. Hard-red and soft-red winter both jumped out of their graves, each up 1 1/4 cents in overnight trading. It looks like scarily dry weather for parts of northern Nebraska and southern South Dakota -- so dry in fact that the region is under a fire watch. Parts of eastern Iowa and western Illinois could see some rain in the next couple of days, though it's not expected to be severe. In true Halloween fashion, fog this morning is an issue in parts of the Midwest, the National Weather Service said. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.7% lower 
West Texas Intermediate Crude Oil = 0.5% lower. 

Dollar = up 0.2%.

Wall Street = U.S. stock futures modestly higher in overnight trading.
World Markets = Global stocks mostly lower as commodities decline. 

0 Kudos
10 Replies
Senior Contributor

Re: Floor Talk October 31

Hoping the markets give us a big treat today.
0 Kudos
Honored Advisor

Re: Floor Talk October 31

2016-10-31 09.17.24.jpg

Be happy to give the top six inches of water and mud away..doing a lot of damage to the  field. 

250  bu  + in this picture 

0 Kudos
Veteran Advisor

Re: Floor Talk October 31

Sell 2018 corn, already? I just received the first recommendation, from an analyst firm, to sell some 2018 corn.

 

"Sell/hedge an estimated 30% of your estimated 2018 corn crop if Dec'18 corn
futures reach $4.14. This is our 1st sale of 2018 production."

 

Well, are you ready to sell that far ahead? Dec. '18 contract is trading at $4.06 per bushel, while this year's Dec. price is $3.54.

 

Hmmmm.....

 

Mike

 

0 Kudos
Veteran Advisor

Re: Floor Talk October 31

What population did you seed?

Wish ours would have stood that well.

We're off about 8% from last year = May frost and wind damage.

 

 

0 Kudos
Honored Advisor

Re: Floor Talk October 31

Lsc, 28,500
Two numbers in the field, the other is a dismal failure, just a little over 200 falling/fell down and poor germination from the get go.

That picture is on pattern tiled ground on 60 ft centers,
Wabash soil is just too tight to help as much as is needed. If it gets dry it'll Crack open 2 inches wide and 6 feet deep.

Marketeye I want the name of that dude so that I never put any value on anything he is spouting off about.
Does he work for Cargill, Bungee, or ADM in their purchasing dept ?
0 Kudos
Honored Advisor

Re: Floor Talk October 31

 

 

 

Massive corn stocks prompt China to subsidise consumption

China's grain-belt provinces unveiled hefty support for corn consumption, as the government grapples with its massive stockpiles.

Three major corn producing states will provide support for corn use, which is likely to increase domestic ethanol production, which has long languished due to China's high domestic corn price.

China's top corn province Heilongjiang, will provide an unspecified subsidy for consumption.

And Jilin and Liaoning, which are also in the county's northeaster corn-belt, will offer 200 yuan per tonne of corn consumed.

The move is intended to support demand for corn, after China abandoned a stockpiling policy which supported prices and drove production higher.

Corn glut

The Chinese government has traditionally been suspicious of industrial corn use, particularly for biofuels, as it threatens to undermine the country's food self-sufficiency.

But China is now struggling with a glut of corn, after years of surplus production, thanks to a price floor system which saw the government acquire huge stocks.

This week the International Grains Council said Chinese grain stockpiles could reach 200m tonnes by the end of the year, some 40% of the world's total inventories.

Ethanol imports slide

In the long term China intends to cut production, with the government targeting a reduction of corn planted area by 0.7% a year over the next five years.

But the government is also striving to support farmer incomes, with direct farmer support.

Although the moves may support Chinese industrial corn usage, the policy is targeted at increasing consumption of domestic stockpiles, and the government continues to restrict imports of overseas supplies.

But higher industrial use will hit Chinese ethanol imports, which are also sliding.

The latest trade data, released this week, shows Chinese ethanol production in September at their lowest level since early 2015, with imports of dried distillers grains also sharply down

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

 

The last # I heard was 75¢ a bushel subsidy. Getting universally accepted to be sample grade or worse quality wise.

 

 

0 Kudos
Honored Advisor

Re: Floor Talk October 31

 

 

 

 

2016-10-31 13.05.13.jpg

Doing some primary tillage with the combine.

0 Kudos
Veteran Advisor

Re: Floor Talk October 31

Is this the corn that is rumored to have been stored outside for five years?

0 Kudos
Honored Advisor

Re: Floor Talk October 31

Here's  the other side of the field, not near all this bad but this number will not be here again...

 

2016-10-31 21.12.32.jpg

0 Kudos